KfW IPEX-Bank provides first-time financing in renminbi
Frankfurt am Main (ots) -
- Expansion of the Chinese production facilities of BSH GmbH - Support for the export economy: EUR 15.5 million worth of German and European exports
KfW IPEX-Bank is financing German and European exports to expand the Chinese production facilities of BSH Bosch und Siemens Hausgeräte GmbH. The corresponding agreements were signed on 28 May 2014. The loan of CNY 100 million (approximately EUR 12 million) with a five-year term is the bank's first financing in the Chinese currency.
The German and European supplies worth around EUR 15.5 million represent a significant part of the production facility expansion. Ten German and two Italian medium-sized companies are providing the systems and testing technologies. Among the exporters are Kiefel GmbH from Freilassing in Bavaria, Feutron Klimasimulation GmbH from Langenwetzendorf in Thuringia as well as Elabo GmbH from Crailsheim in Baden-Wuerttemberg.
"This financing is extremely important for KfW IPEX-Bank," remarks Markus Scheer, responsible Management Board member, about the business transaction. "The loan marks our first financing in renminbi and is, as such, a pilot transaction for the bank. We are also helping our business partner BSH with its internationalisation and supporting the export economy by financing German and European supplies".
BSH Bosch und Siemens Hausgeräte GmbH achieved turnover of around EUR 10.5 billion in 2013 and has approximately 50,000 employees, making it one of the largest home appliance manufacturers in Europe and one of the world's leading companies in the sector. The Group manufactures products at 41 factories and is represented in 47 countries through 80 companies. The BSH production facilities are primarily located in Europe where the majority of the Group's sales are generated. Production in China serves the local market.
About KfW IPEX-Bank GmbH
Within the KfW Group, KfW IPEX-Bank is responsible for international project and export finance. Its function of providing financing to boost the German and European economy is derived from the legal mandate assigned to KfW. It offers medium- and long-term financing to support key export industries, to develop economic and social infrastructure and to fund environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling KfW's promotional mission. It is represented in the most important economic and financial centres across the globe.
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
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